Takaful Malaysia sets 15pc no claim rebate

Takaful Malaysia is the first and sole Takaful company in the country to offer an additional 15 per cent no claim rebate to all its participants in the general and selected family takaful products.

"Demand for Takaful products is good, the growth rate is 20 per cent and their value proposition is the 15 per cent no claim rebate," Group managing director Datuk Mohamed Hassan Kamil told Bernama.

It was reported that Takaful Malaysia is confident of disbursing about RM35 million in no claim rebate this year to its customers given the positive growth in its General Takaful portfolio. Mohamed Hassan said Takaful Malaysia has sufficient surplus to sustain its 15 per cent no claim rebate in the future.

"The projection is made due to the company's prudent underwriting policy, efficient claim management and the investments which the company undertakes," he said.

Mohamed Hassan said last year, Takaful Malaysia paid out a record RM31 million in no claim rebate to its customers, adding it is optimistic on capturing a more than 50 per cent market share from the current 40 per cent.